FOR IMMEDIATE RELEASE: July 15, 2020
Moody's Reaffirms North Hempstead’s Aaa Rating
MEDIA CONTACTS: Gordon Tepper, Rebecca Cheng, Matthew Leonenko and Michael Anderson | (516) 869-7794
Cites Town’s ‘conservative fiscal management practices’
North Hempstead, NY - North Hempstead Town Supervisor Judi Bosworth announced today that, for the fourth year in a row, the independent Wall Street bond rating agency Moody's Investors Service has maintained the Town’s Aaa rating, with a stable outlook. This is Moody’s top rating and the highest rating a municipality can attain. The bond rating agency assigned the Aaa rating to the Town’s $31.2 million Public Improvement Serial Bonds - 2020 Series A and $7.5 million Public Improvement Refunding Serial Bonds – 2020 Series B. Concurrently, Moody's has assigned a MIG 1 rating to the Town’s $15.5 million Bond Anticipation Notes – 2020 Series B. The bonds will provide new money for various capital projects throughout the town.
Moody’s currently maintains a Aaa issuer rating and a Aaa general obligation limited tax (GOLT) rating.
Moody’s highlighted the Town’s “healthy financial position” and its “manageable debt burden” as determining factors in again achieving this rating.
“At a time when so many municipalities are experiencing severe financial challenges, we are truly proud to once again be recognized by Moody's for our strong fiscal management,” said Supervisor Judi Bosworth. “Our Aaa rating will continue to translate into savings for our hardworking taxpayers.”
“The seventh consecutive affirmation of our Aaa rating reflects the dedication our this administration and our finance team to ensure the Town remains on a solid financial footing,” said Town Comptroller Tania Orenstein. “While the pandemic certainly creates challenges for all municipalities, Moody's specifically stated that shortfalls brought on by the current public health crisis are not likely to have a material impact on our long-term credit quality.”